Sales of newly constructed homes jumped 28.8% in August from July and were down just 0.1% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. This comes after two consecutive months of declines. Some 685,000 new homes were sold last month, at a seasonally adjusted annualized rate, up from a revised 532,000 in July. A year ago, 686,000 newly constructed homes were sold.
New home sales had been trending lower as prospective buyers saw their budgets stretched thin by long construction times, mounting costs and rising mortgage rates. The average interest rate for a 30-year, fixed-rate mortgage dipped to just below 5% in August, up from 3.22% in January. “New homes blew through estimates for August, but it’s likely an aberration caused by a dip in mortgage rates earlier in the summer,” said Robert Frick, corporate economist at Navy Federal Credit Union.
Well we did 'import' 2 million cheap laborers, so there's that
“Sales of newly constructed homes jumped 28.8% in August from July and were down just 0.1% from a year ago”
Well it looks like the Federal Reserve needs to raise interest rates more, I hope they go for a full 100 basis points next time. If a minimum of 6.9% mortgage rates isn't enough to cool things off let's raise the rates higher and faster to send a message
That picture looks like a cult compound being built
Are you fucking building your houses in wood and wonder why everything flies away whenever there s a hurricane !?
They’re probably being bought by Black rock so that the rich oligarchs in conjunction with the government can create a permanent class of renters
Sure…
The collapse is around the corner
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BlackRock
Yeah. Blackrock is buying homes.
Everything is up under Biden, except the stock market.